Schmidt, Ulrich; Traub, Stefan - In: Theory and Decision 66 (2009) 3, pp. 229-262
In this paper we experimentally investigate the disparity between willingness-to-accept (WTA) and willingness-to-pay (WTP) for risky lotteries. The direction of the income effect is reversed by endowing subjects with the highest price of a lottery when asking the WTP question. Our results show...
